Capital Markets

Company Overview of Anchorage Capital Group, L.L.C.

Company Overview

Anchorage Capital Group, L.L.C. is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It also caters to single fund investors. The firm invests in the public equity and fixed income markets across North America and Europe. It uses long and short strategy to make its investments. The firm employs fundamental analysis to make its investments. It uses a combination of internal and external research to make its investments. Anchorage Capital Group, L.L.C. was founded in 2003 and is based in New York City.

Anchorage Capital Group, L.L.C. Key Developments

TEN Network Receives Non Binding Conditional Proposals

Dec 4 14

As Ten Network Holdings Limited (ASX:TEN) revealed to the market it had "received non binding, conditional proposals from a number of parties" to take over the network, shares were sold amid speculation FOXTEL Cable Television Pty Limited and Discovery Communications, Inc. (NasdaqGS:DISC.A) had lowered their joint bid. Ten did not reveal the detail of bids handed to advisers Citigroup, but there was market speculation the network headed by Chief Hamish McLennan received at least three offers. "Ten urges caution in dealing in its shares on the basis of media speculation about -potential transactions involving the company," it said in a statement to the ASX. The consortium of pay Foxtel and Discovery submitted a lower-than-expected offer of 23 cents a share, valuing Ten Network at AUD 605 million, AAP reported. The pair had originally made an offer of 26 cents a share, but wound it back after briefings by Ten about the state of the broadcaster, it was reported. Other potential buyers said to be in the mix include the private equity company that floated Dick Smith, Anchorage Capital Group, L.L.C. Another potential buyer is Saban Capital Group, Inc. An independent committee of the Board of Ten will now consider the proposals in conjunction with Citigroup. "If implemented (these -offers) could result in a change of control of Ten or a refinancing of its existing debt facilities," Ten said. "It should be noted that the proposals are confidential, non-binding and conditional in nature and may or may not -result in a transaction that is acceptable to the company." Ten said it would update the ASX again "when required to do so under its continuous disclosure obligations". TEN Network shares fell more than 6% amid reports potential buyers had reduced bids for TEN Network. Herbert Smith LLP is acting as legal advisor for Foxtel and Discovery.

Discovery and FOXTEL Prepares Joint Bid For Ten

Dec 1 14

Discovery Communications, Inc. (NasdaqGS:DISC.A) and FOXTEL Cable Television Pty Limited are preparing a joint takeover offer for Ten Network Holdings Limited (ASX:TEN) (Ten) on December 2, 2014. Bid of Discovery and FOXTEL will not be fully binding, and is expected to be between AUD 0.25 and AUD 0.3 per share. Discovery and Foxtel remain the frontrunners in the auction for Ten, although whether any bid is successful will depend on the view of its independent Directors on the price offered. Bruce Gordon, largest shareholder in Ten signs that he is supportive of Foxtel taking a stake. Under the proposed deal, Foxtel would hold 14.9% with Discovery taking a majority stake. Ten's Independent Directors will meet to discuss bids received by deadline of December 2, 2014, and then seek shareholders’ approval in Ten's annual meeting on December 18, 2014. Several other bidders including Saban Capital Group, Inc., Anchorage Capital Group, L.L.C., Providence Equity Partners LLC, and Hellman & Friedman LLC are interested in Ten, however Hellman & Friedman is understood to have pulled out of the process. Citi has been retained as advisor by Ten.

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